For our Robo-Advisor Review we assessed, rated, and ranked eight different firms. Instead of relying on website information and marketing materials as most editorials do, we opened and funded an account with each robo-advisor
to acquire a true client experience. Here, we will compare Acorns vs Wealthfront to see which robo-advisor is best.
To start our comparison, we will take a look at the annual fees for both services. Cost is broken down into two separate buckets: the annual management fee charged for having an account and the annual fee charged for holding each ETF in the portfolio. Both Acorns and Wealthfront share a rating of 4.50 stars.
Exploring both robo-advisor feature sets, we can also find differences. Wealthfront makes tax-loss harvesting available to clients, while Acorns does not. For running calculations on being ready for retirement, clients will want a retirement calculator. Wealthfront offers an advanced retirement calculator while Acorns does not. Some customers like to monitor their personal financial goals. Wealthfront has goal tracking, Acorns doesn't. Finally, an attractive feature includes providing deeper account analysis thanks to the ability to import and aggregate third-party financial accounts. Wealthfront has external accounts analysis, Acorns doesn't.
Lastly, more web savvy customers may find it valuable to have access to customer service through phone, email, and live chat. However, not every robo provides live chat support as an option. Acorns makes live chat support available to clients, while Wealthfront does not.
Overall, Wealthfront boasts 5.00 stars versus Acorns's 4.00 stars. And, as far as individual category awards go, Wealthfront finished with awards Best in Class - Cost, Best in Class - Investment Approach and Best in Class - Platforms & Tools, while Acorns came up with none of these.